Telvent bought by Schneider Electric TAKEOVER
Telvent known for several years now in the toll business in North America for its toll systems and services work is being bought by Schneider Electric. Both Telvent and Schneider are global companies in both business and ownership, Telvent headofficed in Madrid and Schneider, despite its very germanic name, in Paris. Schneider offered $40/share about a third above the level the shares were trading at on NASDAQ.
The Spain based construction company Abengoa the largest single shareholder in Telvent with 40% of its shares agreed to tender those shares to Schneider as part of the takeover agreement.
Schneider is an IT or systems company specializing in management of grids and networks - for electricity, gas, water, and traffic. Telvent does similar software and systems work. A presentation on the takeover suggests complementarities between the two firms though Schneider is 20 times the size of its acquiree.
Schneider's sales last year were E19.6b and profits E1.72b. Telvent had sales of E724m last year and EBIT of E78m.
The Telvent Caseta toll services unit in North America derives from Telvent's April 2007 purchase of a privately held company US Caseta Technologies founded and led to this day by Glenn Deitiker. It has offices in Austin TX and Long Island City NY.
A potted history:
1995 Caseta Technologies formed by Glenn Deitiker now providing software for in-lane and plaza host systems for the largest grossing and highest transaction volume toll system in the US at MTA Bridges and Tunnels in New York City
2005-04-08 Caseta got contract for toll system for CTRMA's $23m 183A TR
2007-04-20 - announcement of Telvent buy of Caseta placed as Telvent Caseta placed within Telvent Traffic North America
2008-07-27 MTAB&T contract for hardware and software maintenance (previously software only) http://www.tollroadsnews.com/node/3646
2009-02-17 E-ZPass electronic toll system installed at Rhode Island Pell Bridge $2.8m http://www.tollroadsnews.com/node/4006
Late 2009 WSDOT gives Telvent contract front end toll systems work for SR520 bridge http://www.tollroadsnews.com/node/4947
2009-09-15 New Hampshire ORT won for $20m http://www.tollroadsnews.com/node/4354
2010-01-30 PToll video toll and payment by mobile telephone announced by start-up BancPass with Glenn Deitiker president of Telvent Caseta major shareholder
2011-03-22 toll system for Brownville TX SH550 pike http://www.tollroadsnews.com/node/5214
presentation on the Telvent buy:
Only after smart cities, efficient infra!
Schneider CEO Jean-Pascal Tricoire is quoted as saying in a conference call that the Telvent deal “reinforces Schneider Electric’s positions in three key infrastructure markets: smart grid, efficient infrastructures, and smart cities.”
That apparently leaves our many dumb cities, inefficient infrastructure and old grids to others?